Wells Fargo CEO Charlie Scharf says the economy is still strong despite the oil boom
Wells Fargo Chairman and CEO Charlie Scharf discusses the strong US economy amid geopolitical risks and market volatility on ‘Mornings with Maria.’
Despite a 50% increase in oil prices and escalating tensions involving Iran, Wells Fargo CEO Charlie Scharf reports a disconnect between market volatility and real-world economic life.
“So, separate the clean economy in the market and what people are afraid of about what the future holds. The economy is still very strong. If we look, consumers are still spending, even with the increase in oil prices. They spend 20, 30% more in oil, but they did not stop spending everything,” Scharf told FOX Business’ Tuesday Mariati.
“If you just look at the health of the consumer and the health of the businesses we serve, which are extensive throughout the country, things are in a very good situation now,” he continued. “That’s different than markets, isn’t it?”
US gasoline prices on Monday topped $4 a liter across the country, adding pressure to domestic budgets as oil markets rallied due to the ongoing Iran conflict. Oil markets were particularly sensitive to disruptions linked to the Strait of Hormuz, a key corridor for the export of crude oil to the world, where Iran has restricted traffic, tightening supply expectations.
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Further gains at the tap are possible if crude prices continue to rise, analysts said.
Wells Fargo CEO Charlies Scharf joins “Mornings with Maria” for a wide-ranging interview on Tuesday, March 31, 2026. (FOX Business; Getty Images/Leonardo Munoz/VIEWpress)
Meanwhile, investors are hesitant to take risks as the conflict in the Middle East continues, with Reuters reporting that funding shortages are fueling “wild” price volatility and widening spreads, leaving traders struggling to find buyers.
Scharf acknowledged a sense of “weakness” in the indices, but stressed that delinquency remains low and wages continue to grow.
“It sounds like there is a fragility or panic in the markets that you have not seen in the economy, which will mean that if the war continues for how long, it will turn out to be okay or there will be a bullet that will make things worse,” he said.
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Another concern for Main Street America is the Trump administration’s proposal for a 10% credit card interest rate, which he fears could lead to a “failure” for those who need credit the most.
“I think the president is right to focus on procurement,” Scharf began. “I personally don’t think that’s the best solution… I’m very concerned, is it the right answer to help Americans in need, and does it really help extend more credit or extend less credit? And my fear is that it actually hurts the extension of credit.”
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Looking ahead to the rest of the year, Scharf feels “very positive” about Wells Fargo’s growth trajectory, which also touches on opportunities in artificial intelligence (AI) infrastructure.
“It’s going to be billions of dollars, even if it’s $3 [trillion] to $5 trillion that will be needed to build the infrastructure,” said the CEO. “Hyperscalers are very profitable. You know, those who control these kinds of big languages that continue to dominate continue to invest. People will pay for that.”
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FOX Business’ Bradford Betz contributed to this report.
